Hydr – Xero workflow

Connecting your Xero account to the Hydr platform

When you connect your Xero account to the Hydr platform, you are giving us access to elements of your data which we need to enable the platform to function.  The data we look at comprises invoices, bank accounts, contacts, payments and credit notes.  

This enables us to observe all of your interactions with your nominated customers for the Hydr platform.  The great news about this is that once you raise an invoice for a nominated customer that we can fund, we will pick this up and pay it within 24 hours without your having to re-enter the same invoice on our platform.

Setting up the integration

During our onboarding, you will be redirected to the Xero login  page and invited to enter your account details as you would normally do. Pease note that we have no access to your username or password during this process.

Once you have linked your account to Hydr, we will be able to work out which of your customers we could fund.

Invoice financing app

Reconciling invoices funded by Hydr with your Xero Account

Hydr has the capability to automatically reconcile your Xero account data when Hydr pays the invoice to you (minus our fixed fee).  Hydr also has the ability to enable you to post the fee to a chosen expense account.

1

Getting started

  • First, Log in to your customer dashboard.
  • Then, click My Account.

2

Synchronising statements

  • Click Synchronise statements.

You will then be invited to select or create the account within your Xero into which all Hydr transactions will be posted. 

3

Select the expense account into which you want to report the Hydr fee

This option is available on the customer dashboard – you can switch it on or off at any time.

Once you have set up the functionality and Hydr has paid an invoice, we post the statement to Xero to reflect the transaction between Hydr and you, which reconciles in your Xero account. Invoices should now be marked as paid and the fees will be recorded in your nominated expense account.

4

Reconciling Transactions

After we post the statement, you will need to reconcile all the transactions within Xero like the image shown opposite. 

Need some more guidance?

We are committed to answering all of your questions. Our team are just an email away.